Do You Have Inherited Property You Don’t Want? Here Are Your Best Selling Options.
It can sometimes be a blessing and a curse to inherit property from a family member who has passed. Real estate is a great financial asset, and in some cases, it will really be a great thing. You can fix it up and rent it out. You can keep it and move in yourself. You can sell it and use the cash however you want. You have options with what you do with the property once you officially own it.
But What if it is a Burden?
However, there are plenty of cases we see where an inherited property is more of a burden than a benefit. This is especially true if the house is in need of major repairs. You don’t quite know what to do with it. You feel a little guilty about selling it, especially if it’s been in the family for a long time. Yet, you don’t have the time, money or knowhow to fix it up or keep it as a rental. Perhaps the inherited house in a different part of the country and it’s just inconvenient for you to manage it.
Then, even if you inherit the property free and clear of mortgage payments, there are still other ownership expenses to consider. You have property taxes, insurance, basic upkeep and possibly HOA dues if it’s part of a managed community.
Selling Options for an Inherited Property
If your inherited property is more of a burden than a blessing, then it just makes sense to sell it as soon as you can. You can probably get some good money out of the sale while minimizing your ownership expenses and the overall stress of owning a property you don’t really want.
When it comes to selling an unwanted inheritance property, you have a few options.
1. Sell it As-is on the Open Market
If you don’t have the time or money to fix up the property—especially if you live far away—you can list it in as-is condition. Whether you sell it on your own (for sale by owner) or go through a real estate agent, you can put it on the market and take the best offer that comes your way. In general, houses in this condition will take a little longer to sell because they just don’t garner as much interest as a property that is fixed up, cleaned up and ready to show.
2. Invest the Time (and Money) to Get it Ready for Sale
You also have the option to spend some time and money on repairs and upgrades in order to get the house ready for a traditional real estate sale. You can put in the effort to get it show ready, and then list it through a Realtor® as you aim to get top dollar for the property. This will take longer, but you should get more value out of the house. Just be careful to calculate your renovation expenses and ownership costs over the time it will take to prepare and sell. Make sure it is worth the investment to proportionately increase the realistic market value of the home after it is fixed up.
3. Sell to a Cash Investor
Real estate investors are always looking for houses like your inherited property. They don’t mind that they are a little rough around the edges because they intend to make their own repairs, remodels and upgrades. Then, they can rent it out or resell it for profit. A cash sale is usually very quick and simple to eliminate stress and minimize your ownership/repair costs. At PropertyLark, we buy houses in whatever condition they are in. We will offer a fair market value based on the location, features and condition of the house, and we can close in as few as 7 days. You get cash in your pocket after a quick and easy sale, so you can move on with your life and not have to deal with your unwanted property any longer.
If you would like to receive a no-obligation cash offer from PropertyLark, please fill out the seller contact form on any page of this website. We’re ready to buy your inherited property immediately. Even if you decide to not sell to us, you can get the offer and gauge the current value of your home. This may help you decide what you ultimately want to do with it.